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Digital insurance: Rethinking the Workforce

Overview

Insurers need workforces that are lean, agile and willing to embrace change to thrive in an environment of digital disruption and rising customer expectations. And they will require scarce digital and science, technology, engineering, and mathematics skills to drive digital transformation of their businesses.

Today, insurers don’t have an edge in the talent war with other industries that are also embracing digital opportunities. But tomorrow they might. The secret will lie in taking a much more proactive—even aggressive—approach to talent acquisition development, re-skilling and retention.

Key Findings

Insurers have high hopes for digital:

More than 80 percent of insurance leaders believe digital disruption will transform customer interactions, as well as the management of traditional processes.

Industry leaders are bullish about what their digital investments will yield. P&C insurers expect premium income to grow by 5 percent on average as a result of digital initiatives. Life insurers anticipate a 7 percent boost.

Yet the opportunities of digital are not easily realized:

The insurance workforce of the future will need to be leaner, more agile and armed with different skills. Those skills will be in short supply. And the competition for scarce talent will be fierce.

Only 2 percent of soon-to-be graduates express interest in working for an insurance company.

Only 2 percent of soon-to-be-grads express interest in working for an insurance company. Yet insurers need new skills to become “digital ready,” from the STEM skills that are increasingly competitive to hire for, to softer skills like problem solving, creativity and flexibility.

Ravi Malhotra is managing director—Accenture Strategy's Insurance practice for the Asia Pacific region. He is based in Sydney, Australia.

He has spent most of his career helping leading insurance and financial services companies to develop and execute strategies to be more competitive. He has extensive experience with growth strategy development, business and operating model design, transformation strategy and strategic cost reduction.

Prior to joining the Accenture Sydney office in 2013, Ravi worked for Accenture in North America and was previously the management consulting insurance practice lead.

Ravi holds a Bachelor of Science from Northwestern University and an MBA with a concentration in management and strategy from Northwestern University's Kellogg Graduate School of Management.

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